What are BHIM Cashback Schemes?
What are BHIM Cashback Schemes?
Cashback is the best way to encourage those regular consumers who often purchase items from a business. It makes the experience of the users more exciting.
Keeping this in mind and to get new users, the government introduced cashback schemes for BHIM App.
It is an App that makes payment easy, transparent, and hasty with the help of a Unified Payments Interface (UPI). To know about the cashback schemes, read this blog.
BHIM App During COVID-19
According to a report, BHIM-UPI became an efficient method of payment during COVID-19 in 2020-21. Around 22 billion transactions were done at that time. This number was worth of ₹41 Lakh Crore.
What is BHIM Incentive Scheme?
Bharat BillPay and NPCI in association with the Ministry of Electronic and Information and Technology (Meity) introduced the BHIM-BillPay Incentive Scheme for the citizens of India. The main motto is to provide an Incentive Scheme for consumers to pay constant bills of multiple billers in one place.
Several Schemes of BHIM
The Indian Government introduced some schemes. They are
Cashback Scheme of BHIM for Individuals
The main aim of this scheme was to boost transactions processed based on UPI. It was introduced to boost the number of new users on the app.
- Incentives were paid to only those users who were using only BHIM App.
- Incentives were paid to such new users of the BHIM App who had downloaded the app and linked it with their bank account. Also, they undertook 10 successful unique financial transactions of ₹50 or more through the app. The cashback that users received was ₹150.
- Those incentives were paid only one time and to the new users only.
- An eligible new BHIM App user got cashback. Those who have downloaded the app for the first time and made transactions between 4th July 2018- 31st March 2019.
BHIM Aadhaar Merchant Schemes
- Through Aadhaar Authentication, businesses can receive payments over the counter from customers. They can accept payment from customers of any bank. For this, businessmen need to authenticate the biometrics of their customers.
- If you’re a businessman then you must have BHIM Aadhaar App. Also, you must have a certified biometrics scanner that is attached to the mobile phone/ Kiosk/ Tablet on USB Port or Micro-ATM/ POS, mPOS. Both customers and businessmen should have their Aadhaar linked and associated with their Bank Accounts.
- Those BHIM Aadhaar Pay users (who declared themselves as a business) were eligible for an incentive of 0.5% of the transactional value. The minimum incentive was ₹2 and an upper cap of ₹50 per transaction was set. The maximum transaction limit was ₹10,000 in the BHIM App.
- Aadhaar Authentication is done with the help of a registered device such as an ATM/ POS, mPOS, Tablet, etc. This scheme was introduced to establish payment by Aadhaar Number and biometrics.
Similarly, there are many interesting facts about BHIM Cashback and the referral scheme.
Some More Cash Back Scheme of BHIM
Prime Minister, Narendra Modi launched two cashback schemes on 14th April 2017. Both schemes were introduced on the 126th birth anniversary of DR Bhim Roy Ambedkar in Maharashtra.
They are as follows:
- BHIM Referral Bonus Scheme
- BHIM Merchant Cashback Scheme
Recently, the Government gave cashback on BHIM card and Rupay card users. This cashback scheme was launched to promote small amounts of transactions between the general public and businessmen.
Union Minister Bhupendra Yadav said in his official statement, “An incentive of 0.25 per cent will be given on transactions below Rs 2000.” An incentive of 0.15 per cent will be given if someone is buying insurance, jewellery, mutual funds, petrol, etc., through BHIM UPI.
BHIM cashback schemes are the best way to earn rewarding perks. The process is simple and one can easily download the BHIM App on their mobile phone. It makes their transactions easy.